BlackRock Inc. Increases Stake in ProAssurance Co. (NYSE:PRA)

BlackRock Inc. grew its position in ProAssurance Co. (NYSE:PRA) by 5.4% in the first quarter, according to its most recent filing with the SEC. The fund owned 7,836,615 shares of the insurance provider’s stock after acquiring an additional 402,408 shares during the period. BlackRock Inc. owned 0.15% of ProAssurance worth $271,226,000 as of its most recent filing with the SEC.

A number of other large investors also recently made changes to their positions in PRA. Quadrant Capital Group LLC raised its position in ProAssurance by 375.0% during the 1st quarter. Quadrant Capital Group LLC now owns 855 shares of the insurance provider’s stock worth $28,000 after purchasing an additional 675 shares during the last quarter. Resources Investment Advisors Inc. bought a new position in ProAssurance during the 4th quarter worth $29,000. Massmutual Trust Co. FSB ADV bought a new position in ProAssurance during the 4th quarter worth $42,000. Strs Ohio grew its holdings in ProAssurance by 25.0% during the 4th quarter. Strs Ohio now owns 1,500 shares of the insurance provider’s stock worth $60,000 after acquiring an additional 300 shares during the period. Finally, AdvisorNet Financial Inc acquired a new stake in ProAssurance during the 4th quarter worth about $150,000. 81.67% of the stock is owned by institutional investors and hedge funds.

Shares of ProAssurance stock opened at $37.92 on Friday. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.37 and a quick ratio of 0.37. ProAssurance Co. has a 1-year low of $34.11 and a 1-year high of $49.47. The stock has a market cap of $2.04 billion, a price-to-earnings ratio of 25.62 and a beta of 0.61.

ProAssurance (NYSE:PRA) last issued its quarterly earnings results on Thursday, April 25th. The insurance provider reported $0.08 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.31 by ($0.23). ProAssurance had a return on equity of 3.98% and a net margin of 7.01%. The business had revenue of $268.88 million for the quarter, compared to analyst estimates of $238.55 million. During the same quarter in the previous year, the business posted $0.40 earnings per share. The business’s revenue was up 33.8% on a year-over-year basis. On average, sell-side analysts forecast that ProAssurance Co. will post 0.48 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 11th. Stockholders of record on Friday, June 14th will be paid a $0.31 dividend. The ex-dividend date of this dividend is Thursday, June 13th. This represents a $1.24 annualized dividend and a dividend yield of 3.27%. ProAssurance’s dividend payout ratio is presently 83.78%.

A number of analysts have weighed in on the company. ValuEngine upgraded ProAssurance from a “hold” rating to a “buy” rating in a report on Wednesday, May 22nd. Keefe, Bruyette & Woods downgraded ProAssurance from a “market perform” rating to an “underperform” rating and set a $33.00 price target for the company. in a report on Monday, May 20th. Boenning Scattergood reiterated a “hold” rating on shares of ProAssurance in a report on Friday, April 26th. Finally, JMP Securities decreased their price target on ProAssurance from $50.00 to $45.00 and set a “market outperform” rating for the company in a report on Wednesday, April 10th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the stock. ProAssurance presently has a consensus rating of “Hold” and a consensus price target of $44.20.

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About ProAssurance

ProAssurance Corporation, through its subsidiaries, provides property and casualty insurance, and reinsurance products in the United States. The company operates through Specialty Property and Casualty, Workers' Compensation Insurance, Segregated Portfolio Cell Reinsurance, and Lloyd's Syndicate segments.

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Institutional Ownership by Quarter for ProAssurance (NYSE:PRA)

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